Slight upward trend in office investments continues, prime yields remain stable

In 2025, a total of around €6.23 billion was invested in office properties nationwide. Compared to the previous year, this corresponds to a 20% increase in transaction volume. At the same time, the best result of the last three years was achieved. Even though the current investment volume still lags significantly behind the extraordinary results of the last market cycle, there is a certain stabilization of the market situation, which is accompanied by the first slight upward trends. This is also supported by the fact that turnover was achieved exclusively with transactions of individual properties, whereas no portfolio sales could be registered in the entire year – a novelty in the last twenty years. If you only look at the individual properties, the transaction volume has even increased by around 27% over the course of the year. This is the result of the analysis by BNP Paribas Real Estate.

"After falling to third place behind retail and logistics investments in 2024, office properties now rank directly behind the first-placed retail investments with a market share of 25% of total commercial take-up," says Franc Gockeln, Managing Director and Head of Office Investment at BNP Paribas Real Estate GmbH.

Prime yields remain unchanged and are at the same level as in the previous year in all important locations. This means that the net prime yield for offices in Class A cities is 4.36% on average. Munich remains the most expensive location with 4.20%, followed by Berlin and Hamburg with 4.25%.

The overall positive development of the office investment markets is also reflected in the A-locations. Here, the transaction volume rose by around 19% to a total of €4.7 billion. This result represents the best value of the last three years. By far the most investments were made in Berlin with just under €1.57 billion (+92%), to which the sale of the Upper West for more than €400 million made a significant contribution. Munich follows in second place with a result of €846 million (+71%). Just behind them are Cologne with €730 million and Hamburg with €717 million in third and fourth place.